POTENTIAL AND INVESTMENT OPPORTUNITIES Updated at 14:48:50 08/07/2020  (Views:  67 )
Phan Thiet on the way towards a

Phan Thiet on the way towards a first-class urban area

BTO - Phan Thiet City has set a target to meet all criteria of a first-class city by 2025. It is an ambitious task with many challenges to fulfill because the first-class is the highest level for the provincially-controlled city.


Over the past 5 years, banking sector has strongly developed, with 26 bank affiliates opened in Phan Thiet, creating an unprecedented competition for market shares among financial institutions. The number of companies opening branches in Phan Thiet has also increased, with about 2,000 ones so far. The number of privately invested-projects reached 425, with a combined registered capital of VND50.768 trillion. Up to now, 338 projects have been put into operation. With tourism sector alone, 137 projects have achieved effective operation with a yearly growth of 10.27%, contributing to the development of other services and pushing tourism to the city’s spearhead. In particular, Mui Ne, a famous tourism brand name has become an attractive destination for domestic and international visitors.

Prime Minister has recently approved Mui Ne National Tourism Area, with the hope that many multi-targeted projects will be implemented to affirm its position as one of the most popular tourist sites domestically and internationally. It is expected that there will be a booming development of supporting services and trade activities towards a civilized and modern urban area. Over the past time, the combined effort of about 6,000 business households and local enterprises has boosted trade and service activities to an average growth rate of 12.33% per year. A large number of trade centers, shopping malls, supermarkets, convenience stores, automatic vending machines, retail systems and service providers are mushrooming in the main streets, especially in the North of the city, bringing big surprises to people who return home just after a short time of leaving the city.

An overview of Phan Thiet City from the above.

Hence, tax collection from non-state economic sectors has escalated and reached higher growth than the estimated figures. In 2018 and 2019, for example, the estimated tax revenues of the city were VND491 billion and VND 608 billion, but eventually, the city performed impressive numbers of VND 581 billion and VND 836.3 billion. As a result, total budget collection of the whole city has realized an average increase of 20.85% per year. In particular, budget collection in 2017 reached nearly VND 985 billion, but it recorded over VND 1.325 trillion in 2018 and over VND 1.898 trillion in 2019. Thanks to this stable increase, the city’s budget has maintained the balance between incomings and outgoings, which were previously considered as a difficult issue. The total investment capital of the whole society reached VND34.274 trillion, an increase of 2.31 times in comparison with that of the previous term (2010-2015), overfull filling 13.56% of the target set by the Resolution of the 2010-2015 tenure. Other sectors have also developed towards the right directions, gaining satisfactory results which have contributed to improving people’s living standards. Consequently, the 2020’s per capita income has achieved an estimate of VND58.8 million; poor households account for only 0.75% compared with 1.68% in 2019. Therefore, the City’s Party Committee has performed and overfull filled all targets set for the term of 2015-2020.

First and foremost, the local per capita income has so far improved by VND 58.8 million whie the povety rate has shrunk from 1.68 percent to 0.75 percent by 2020.

Journeys in hunt for population

There are only 3 tasks included in a few behindhand tasks, such as: Three market constructions of Duc Long, Thanh Hai and Phu Tai; 3 municipal –level sport institutions (three soccer fields) and the ineligible new-styled rural areas in 4 communes.

Those not-yet-obtained targets came from many subjective and objective reasons, making the City authorities have to review and reinforce the administrative as well as political systems, strengthen solidarity and innovative in implementation of such set targets. Although there are many await challenges, the Phan Thiet municipal Party committee has put all-in effort to put Phan Thiet city on a level with the provincial Center for Politics-Economy-Culture and Science Technology. The would-be center has an economic structure of Services -Industry and Agriculture.  Accordingly, the 2015 set-targets highlights the tourism sector with the volume of tourist arrivals totaling from 7 to 7.5 million tourists, including from 12-15 percent of internationals, with a revenues of VND20 trillion in total.

Another supplementary goal by 2025 set for Phan Thiet city is to strive for reach all criteria for first-class City, a foremost expected but challenged task.

This is the most-expected challenge because this is the final peak of the provincial City. Presently, Phan Thiet city has so far gained some criteria on such peak urban, such as: standards, positions, functions, and roles. The group of structural standards and socioeconomic development level, including budget revenue and expenditure balance, annual income per capita compared to the whole country, economic restructuring, average economic growth in the three nearest years; Non-agricultural laboring rate; infrastructure development level and urban landscape architecture.

In the meantime, the City has not yet obtained criterion on population density, with only 227,000 people in comparison with the figure of 500,000 people as stipulated. Such makes concerned on municipal authorities even though Phan Thiet city would be expanded to outskirt areas. Plus the traffic infrastructures can not adapt the criterion of a 1st class City in the near future.  

As long as Phan Thiet is able to become 1st-class city, the local authorities need to mobilize a big investment capital to boost urbanization newly-expanded areas in parallel with giving birth to a number of new residential areas. Hitherto, the residents will flock to the city to enlarge the population so that the first-class City’s criteria on population density can be met.

Former Secretary of the Phan Thiet municipal Party Committee Nguyen Thu Son stated that: To reach the overall target of being first-class City by 2025, the locality has to fulfill a number of tasks, including focal and breakthrough tasks. Those focal tasks are to build up competent staffs in association with step up administrative reforms and techological application in the political and state operation at all levels. Additionally, it should mobilize social sources to the maximum for the investment and development, concentrating on synchronous socioeconomic infrastructures

 Translated by Phuong Lan and My Thien (Source: Binh Thuan Newspaper)

View by date
Support online Hotline: 0918680377 - 0623604533
Online total: 13013217
Sponsored links: